International NFT Day: Indians Cheer for Blockchain-Based ‘Non-Duplicable’ Digital Collectibles

International NFT Day is observed on September 20, a celebration that began five years ago. Back in 2017, the term ‘Non-Fungible Tokens (NFTs)' was officially coined by Dete Shirley, the Chief Technology Officer of DapperLabs. NFTs, that made for a market size worth $25 billion (roughly Rs. 1,99,272. crore) last year, are blockchain-based tokens that represent a unique digital collectible or asset, and are supported on various blockchains. Ethereum, Solana, and Polygon are popular among NFT creators as blockchains of choice.

What makes NFTs unique is their character of being non-duplicable. They are unique cryptographic tokens that exist on a blockchain and cannot be replicated by other users.

The NFT market will be a $231 billion (roughly Rs. 18,41,300 crore) behemoth by 2030 and it's too big a business to be ignored, believes, Tarusha Mittal, COO and co-founder of UniFarm said in conversation with Gadgets 360. UniFarm is a multi-token reward staking programme.

“NFTs cannot be duplicated which makes them perfect collectibles and their rare nature adds monetary value to every NFT. These digital collectibles act as important connecting links between the physical world and the metaverse. The NFTs offer a unique way of tokenising real-world assets and selling them to the global audience in a completely virtual world managed by secure governance tokens,” Mittal said.

In India, NFTs are yet to find their identity and formal place in the finance and technology sectors. At present, NFTs are currently classified as ‘virtual digital assets'.

Buying and selling NFTs is not explicitly prohibited in India. Last year, Bollywood stars Amitabh Bachchan, and Salman Khan became the first mainstream celebrities to launch their own NFT collections in the country.

Meanwhile, Indian pacer Arshdeep Singh partnered with cricket-centric NFT platform Rario to launch his own series of NFTs on Tuesday. Previously other sportspersons such as Dinesh Kartik and Yuvraj Singh have also offered fans access to their digital collectibles.

In a bid to streghten the NFT category in India, crypto exchange BuyUcoin announced a strategic partnership with cricket NFT platform Jump.trade to allow users tp sell, buy, and mint NFTs using the BuyUcoin NFT platform. These will include unique digital cricket collectibles like signed cricket bats.

NFT players on a global level marked International NFT Day this year with unique ideas.

OpenSea NFT marketplace, for instance, highlighted some historic NFT projects on their homepage.

NFTs have turned out to be popular among brands looking to engage with younger customers.

A total of $260 million (roughly Rs. 2,100 crore) has collectively been bagged by high-end luxury brands including Nike, Gucci, Dolce & Gabbana with the sales of their NFTs this year, a report by NFTgators said back in August.

NFTs also make for vital elements in the blockchain gaming industry, an area where Indian entrepreneurs are making their foray.

“In the rising digital world, they can allow companies, brands, and artists to maintain the authenticity of invaluable artifacts. These are capable of replacing the physical paper documents in every sector, ensuring better security,” Edul Patel, the CEO and Co-Founder of Mudrex crypto investment platform told Gadgets 360.

India is considered to be an NFT-friendly country by brands experimenting with digital collectibles. Brands in the food and real-estate sectors are turning to the world of virtual assets to form a personalised connection with the Indian customers.

In July, Mondelez International, the parent of the Cadbury confectionery company, transformed artworks created by kids into an NFT series.

At the time, Mondelez International, the parent of the Cadbury confectionery company had told Gadgets 360 that India has an appetite for immersive experiences.

Just last week, Indian real estate giant Hiranandani Group auctioned five NFTs for a total of Rs. 75,000. While these NFTs were tributes to the engineers and designers who contribute to the projects undertaken by the brand, the collected fund was donated to help underprivileged engineering students in Bengaluru.

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